A non-government website

Insurance News Today; New MOUs Emerging plus Cyber-Risks

Insurance News Today

Author: SK

Monday, 24th January 2022

The US is an amalgamation of 50 huge states. There are so many insurance providers within each state, each having multiple insurance services such as automobile, home, healthcare, and cyber. Due to the influx and rise of the insurance industry, there are new headlines every day. As of today, the most interesting news include:

  • GM announcing an algorithm-based insurance plan
  • US insurers offering travel insurance
  • Cyber-attacks on the rise

GM New Evaluation Method

General Motors aims to launch an algorithm-based insurance plan by the end of the quarter, evaluating and charging policyholders on their driving performance. OnStar, GM’s subsidiary, is awaiting regulatory approval for the new data-based insurance plan.

The new insurance plan will review the driver’s performance by monitoring their behavior, such as eye and head movements. Such a system is known as telematics. Telematics has been around for a long time. However, it isn’t implemented because the system requires the consumers to download a mobile app or plug in a data recorder.

OnStar insurance will give a discount to safe drivers if they opt for this data collection system for a new insurance plan.

Pattern Insurance Sign-ups with Endsleigh to Offer Travel Insurance

The insurance company, Pattern, is partnering with a student insurance broker, Endsleigh, to provide a tailored travel insurance program for students beginning this spring. If you’re unaware, travel insurance covers all the costs and losses of unexpected events associated with traveling. The policy will cover cancellation and unique parametric products such as ski guarantees.

If the ski conditions are bad, the students will be compensated without any claims. You won’t need claims because Pattern insurance will check the weather conditions in real-time and issue a refund if the situation is not good.

Cyber-Security News

WordPress installations have a plug-in provider, AccessPress, which has suspicious code. As a result, Jetpack, a WordPress security provider, has notified administrators of WordPress providers about the possible danger. According to some sources, over 53 plug-ins and 40 themes have been affected, and the hackers might have control of the entire WordPress website.

Premiums are rising due to escalating cyber-security difficulties since organizations lack multi-factor authentication systems and are susceptible to risks.

Conclusion

All in all, as indicated from the above news, insurance can come in handy in uncertain situations. Check out Insurance Shopping and get free quotes for your preferred insurance.